GCC central banks raise interest rates

The central banks of five GCC states have decided to increase their respective interest rates in alignment with the US Federal Reserve.

The Fed recently raised its own benchmark borrowing rate by 75 basis points, leading many other banking supervisors to follow suit as the global economy grapples with rising inflation.

The central banks of Saudi Arabia, Qatar, Bahrain and the UAE all hiked their own rates by the same margin.

Meanwhile, the Central Bank of Kuwait announced that it would increase its discount rate by 25 basis points to 3%.

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